What Actually Makes a Successful Entrepreneur?

What Actually Makes a Successful Entrepreneur?

Entrepreneurs that survive and thrive share many common attributes and many times seem to be cut from the same cloth. Each excels in certain areas while using similar tools. If you take a look at what makes a successful entrepreneur, their toolbox is oftentimes filled with the same tools. Here’s a quick look at some of these entrepreneurial traits.

The most important trait is experience. Yep, entrepreneurs with a proven track record have the most likelihood of success. Although this isn’t surprising, it is insightful to learn that experienced businesses owners are 2.5 times better at raising capital for their company and 52% less likely to try to expand prematurely.

All of the most successful startups had a comprehensive business plan in place before trying to raise the needed funds to start their company. Research has proven that companies with a business plan have nearly twice the success of companies that don’t. https://www.sba.gov/

And finally, the last ingredient is personality! The most successful entrepreneurs have an outgoing personality that is intelligent and agreeable. They have also managed to free themselves of the negative traits like deceit, using excuses, and narcissism.

People in general that enjoy working with others are three times more likely to start a business and 84% that do are still in business 2 years after their start. So make sure you touch all the bases when it comes to starting and maintaining your successful business.